DAVY VIEW

HeidelbergCement (HEI) has announced a number of management changes, including the appointment of a new Chief Financial Officer (Dr Nager’s retirement had been well-flagged). The new appointment is internal and signals a continuity of approach in our view. We see little risk of any major change in capital allocation strategy as a result. The group has also appointed a Chief Sustainability Officer and a Chief Digital Officer. Both will have a seat on the Board, reflecting the group’s intent to deliver on its strategic aims.